Is a touch of the East End finding its way to Louisville’s South End?
That’s what one local developer recently suggested when I visited Apex on Preston, a 312-unit apartment complex that will wrap construction by December.
The 312-unit Apex on Preston apartment complex is 65 percent leased, said Kelli Lawrence, a partner with Cityscape Residential.
The 312-unit Apex on Preston apartment complex is 65 percent leased, said Kelli Lawrence,… more
Many residents already have moved into the complex, which is off Preston Highway near the Bullitt County line. It was 65 percent leased as of last week, according to Kelli Lawrence, a partner with Indianapolis-based Cityscape Residential, which is developing the project.
Lawrence told me Apex on Preston is attracting professionals who can afford to buy houses but prefer to rent and want an upscale option that’s an easy drive from downtown.
The property has one-, two-and three-bedroom units, with monthly rents ranging from $875 to $1,450.
The complex offers amenities such as a car wash, pet park, saltwater swimming pool, business center, detached garages and an outdoor lounge.
The individual units have access to wine racks or wine coolers.
Lawrence said about 20 percent of current residents are new to Louisville and that the complex has leveraged amenities in the vicinity, including multiple restaurants and retail stores in walking distance.
Commerce Crossings, a 325-acre business park that employs nearly 4,000 people, also is nearby.
“People can literally walk or bike to work or walk to the grocery,” Lawrence said.
Stan Franczek is president and CEO of Louisville-based Capstone Realty Inc., which developed Commerce Crossings.
He said the addition of a Class A property such as Apex on Preston is new for the Preston Highway corridor, and he thinks the complex has more to offer in terms of amenities and proximity to Commerce Crossings.
“There was a time where, if you wanted a product as nice as this, you needed to be on the East End,” Franczek said.
“It’s like the East End seemed to have a monopoly on high-end, quality housing. But everything I see here would compete against any of the nice East End properties.”
And at Commerce Crossings, Franczek said, a focus on a higher architectural standard helped attract high-quality tenants such as Louisville-based Yum! Brands Inc., global information technology firm NTT Data, California-based Electronic Arts Inc., also known as EA Games, and JP Morgan Chase Co.
He believes Apex on Preston also will help attract more tenants and businesses to the area.
“To do that, it helps to have high-quality developments nearby,” he said.
The corridor still needs an upscale hotel, Franczek and Lawrence said, and while land is drying up near the I-265 interchange, he said a few parcels remain that could accommodate one.
Marty Finley covers economic development, commercial real estate, government, education and sports business.